Dreyfus
Connecticut
Municipal Money Market Fund, Inc.
ANNUAL REPORT September 30, 1999
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments Year 2000 Issues (Unaudited)
and its share price.
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
9 Statement of Assets and Liabilities
10 Statement of Operations
11 Statement of Changes in Net Assets
12 Financial Highlights
13 Notes to Financial Statements
16 Report of Independent Auditors
17 Important Tax Information
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Connecticut
Municipal Money Market Fund, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus Connecticut Municipal
Money Market Fund, covering the 12-month period from October 1, 1998 through
September 30, 1999. Inside, you'll find valuable information about how the fund
was managed during the reporting period, including a discussion with the fund's
portfolio manager, Joseph Irace.
When the period began, financial crises in overseas markets had produced
concerns among investors that economies in the U.S. and abroad might slow. In
response, the Federal Reserve Board reduced short-term interest rates last fall
in an attempt to stimulate economic growth. Its strategy apparently worked,
because signs of renewed economic strength became evident early in 1999, fueling
fears that inflationary pressures might re-emerge. The Federal Reserve then
reversed course, raising short-term interest rates twice during the summer of
1999 and effectively eliminating most of last fall's interest-rate cuts.
Tax-exempt money market yields were also influenced by supply-and-demand
factors. Strong economic conditions have curtailed many municipalities' need to
borrow over the short term, reducing the available supply of tax-exempt money
market securities. Yet investor demand remained strong from individuals seeking
to minimize their tax liabilities. This imbalance helped constrain the rise of
tax-exempt money market yields relative to taxable money market yields during
the first nine months of 1999.
We appreciate your confidence over the past year, and we look forward to your
continued participation in Dreyfus Connecticut Municipal Money Market Fund
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
October 15, 1999
DISCUSSION OF FUND PERFORMANCE
Joseph Irace, Portfolio Manager
How did Dreyfus Connecticut Municipal Money Market Fund perform during the
period?
For the 12-month period ended September 30, 1999, the fund produced a tax-exempt
yield of 2.41% . Taking into account the effects of compounding, the fund
provided an effective yield of 2.44%.(1) The fund provided a total return of
2.44% ,(2) compared to the Lipper Connecticut Tax-Exempt Money Market Funds
category average return of 2.41% over the same period.(3) We attribute the fund'
s performance to lower short-term interest rates, which were the result of
changes in monetary policy as well as supply-and-demand factors.
What is the fund's investment approach?
The fund' s objective is to seek a high level of federal and Connecticut state
tax-exempt income while maintaining a stable $1.00 share price. We are
especially vigilant in our efforts to preserve capital.
In pursuing this objective, we employ two primary strategies. First, we attempt
to add value by constructing a diverse portfolio of high-quality tax-exempt
money market instruments from Connecticut issuers. Second, we actively manage
the fund' s average maturity in anticipation of interest-rate trends and
supply-and-demand changes in Connecticut's short-term municipal marketplace.
For example, if we expect an increase in short-term supply as many
municipalities currently issue short-term debt, we may decrease the average
maturity of the fund to enable it to purchase new securities with higher yields
as they become available. Yields tend to rise if many issuers are competing for
investor interest. New securities are generally issued with maturities in the
one-year range, which tends to lengthen the fund's average maturity. If we
expect demand to surge at a time when we anticipate little issuance and,
therefore, lower yields, we may increase the fund's average maturity to maintain
current yields The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
for as long as practical. At other times, we try to maintain an average maturity
that reflects our view of short-term interest-rate trends and future
supply-and-demand considerations.
What other factors influenced the fund's performance?
When the Asian currency and credit crisis spread to Russia and threatened Latin
America last summer and fall, the Federal Reserve Board and other central banks
moved quickly to soften the effects of weakening foreign economies and sustain
domestic economic growth. They did so by reducing key short-term interest rates,
which was intended to help boost economic activity and to forestall inflationary
pressures. An additional consequence was lower yields on money market
securities.
The Federal Reserve Board's strategy was apparently successful. Evidence emerged
in 1999 that economies in Japan and Southeast Asia had begun to recover, and the
growth of the U.S. economy was stronger than most analysts expected. In the
United States, consumer confidence was at a 30-year high and employment was
strong, with hourly wages rising.
This positive economic news raised concerns among fixed-income investors that
inflationary pressures might re-emerge. In response, the Federal Reserve Board
increased short-term interest rates twice during the summer of 1999, effectively
offsetting most of last fall's rate cuts. Because the market anticipated this
change in monetary policy in the weeks before it was announced, short-term
tax-exempt yields rose during the second quarter.
Tax-exempt money market yields did not rise as much as comparable taxable
yields, primarily because Connecticut -- and many other states -- have enjoyed
higher tax revenues during this period of economic prosperity. As a result,
Connecticut and many of its municipalities have had little need to borrow in
order to satisfy their short-term obligations. The relative lack of supply amid
steady investor demand helped constrain the rise of short-term tax-exempt
yields.
What is the fund's current strategy?
We have continued to focus on very high-quality liquid money market instruments
from an array of Connecticut issuers. Some of the most frequently used
instruments include Variable Rate Demand Notes (VRDNs), which are issued by
investment banks through the securitization of longer term municipal bonds.
Because VRDNs can be redeemed at the buyer's option after either one day or
seven days, they afford the fund a high degree of liquidity as well as high
credit quality. Accordingly, as of September 30, much of the portfolio was
composed of VRDNs. We also increased our holdings of tax-exempt commercial paper
during the reporting period to take advantage of their high level of liquidity,
strong credit characteristics and competitive yields. The remainder of the
portfolio was comprised of tax-exempt notes. Of course, portfolio composition
will change over time.
As of September 30, the portfolio's average maturity was 57 days. Our strategy
has been to retain the flexibility we need to capture high current yields while
remaining capable of responding quickly to changing market conditions. As we
await further clarification of Fed policy, we expect to utilize the flexibility
these securities will provide.
October 15, 1999
(1) EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND REINVESTED
MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS FLUCTUATE.
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER
GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE
FUND.
(2) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS. INCOME MAY BE SUBJECT TO
STATE AND LOCAL TAXES FOR NON-CONNECTICUT RESIDENTS, AND SOME INCOME MAY BE
SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS.
(3) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund
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STATEMENT OF INVESTMENTS
September 30, 1999
Principal
TAX EXEMPT INVESTMENTS--96.2% Amount ($) Value ($)
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Town of Berlin, BAN 3.75%, 6/15/2000 3,165,000 3,180,139
State of Connecticut:
GO Notes:
3.50%, Series C, 10/15/1999 5,000,000 5,000,936
6%, Series D, 12/01/1999 2,000,000 2,009,463
VRDN 3.70% (Liquidity Facility; Bayerische Landesbank) 14,000,000 (a) 14,000,000
Connecticut Development Authority, VRDN:
Health Care Revenue (Corporation for Independent
Living Project) 3.65% (LOC; Chase Manhattan Bank) 7,000,000 (a) 7,000,000
IDR (Blase and Bromley Realty Project)
3.65% (LOC; Fleet Bank) 2,540,000 (a) 2,540,000
PCR (Connecticut Light and Power Co. Project)
3.70%, Series A (Insured; AMBAC and Liquidity
Facility; Societe Generale) 8,000,000 (a) 8,000,000
Revenue (Solid Waste Project-Rand/Whitney)
3.50% (LOC; Chase Manhattan Bank) 5,000,000 (a) 5,000,000
Connecticut Health and Educational Facilities Authority:
HR, VRDN (St. Vincent's Medical)
3.45%, Series B (LOC; Charity Obligated Group) 5,300,000 (a) 5,300,000
Revenue:
CP (Yale University):
3.15%, 10/21/1999 (LOC; Yale University) 4,200,000 4,200,000
3.20%, 11/10/1999 (LOC; Yale University) 4,100,000 4,100,000
3.25%, 11/10/1999 (LOC; Yale University) 3,900,000 3,900,000
3.20%, Series L, 11/10/1999 (LOC; Yale University) 6,000,000 6,000,000
VRDN:
(Charlotte Hungerford Hospital)
3.60%, Series C (LOC; Bank of Boston) 1,600,000 (a) 1,600,000
Refunding (Bradley Healthcare)
3.35%, Series B (LOC; Fleet Bank) 4,730,000 (a) 4,730,000
(Edgehill Issue)
3.75%, Series B (LOC; Banque Paribas) 7,900,000 (a) 7,900,000
(Hospital of Saint Raphael)
3.55%, Series J (LOC; Kredietbank) 1,600,000 (a) 1,600,000
(Stamford Hospital)
3.55%, Series H (Insured; MBIA and Liquidity Facility;
Chase Manhattan Bank) 5,000,000 (a) 5,000,000
(Yale University)
3.70%, Series T (LOC; Yale University) 3,500,000 (a) 3,500,000
Connecticut Housing Finance Authority
(Housing Mortgage Finance Program):
CP 3.30%, Series D, 11/10/1999
(LOC; Morgan Guaranty Trust Co.) 4,665,000 4,665,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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Connecticut Housing Finance Authority
(Housing Mortgage Finance Program) (continued):
VRDN 3.70%, Series G
(BPA; Morgan Guaranty Trust Co. and Insured; AMBAC) 3,765,000 (a) 3,765,000
Connecticut Resource Recovery Authority, RRR
(American Refunding Fuel Co.)
5%, Series A, 11/15/1999 (Insured; MBIA) 3,340,000 3,346,155
Connecticut Special Assessment Second Injury Fund, Revenue, CP:
3.10%, 10/12/1999 (LOC: Credit Agricole-Indosuez
and Credit Commercial de Belgique) 5,000,000 5,000,000
3.15%, 10/14/1999 (LOC: Credit Agricole-Indosuez
and Credit Commercialde Belgique) 3,000,000 3,000,000
3.20%, 10/19/1999 (LOC: Credit Agricole-Indosuez
and Credit Commercial de Belgique) 5,900,000 5,900,000
3.40%, 11/18/1999 (LOC: Credit Agricole-Indosuez
and Credit Commercial de Belgique) 3,000,000 3,000,000
Connecticut Special Assessment Unemployment
Compensation Advance Fund, Revenue
(Connecticut Unemployment)
3.38%, Series C, 7/1/2000
(Insured; FGIC and Liquidity Facility; FGIC) 7,000,000 7,000,000
State of Connecticut, Special Tax Obligation Revenue, VRDN
(Second Lien Transportation Infrastructure)
3.75% (LOC; Commerzbank) 11,000,000 (a) 11,000,000
City of Fairfield (Lot A), BAN 3.75%, 6/23/2000 4,452,000 4,469,861
Fairfield Sewer Assessment (Lot B) 3.75%, 6/23/2000 1,000,000 1,003,661
Town of New Britain:
BAN 3.15%, 4/12/1999 8,000,000 8,005,315
VRDN 3.65% (Insured; AMBAC and Liquidity Facility;
Bank of Nova Scotia) 4,000,000 (a) 4,000,000
City of New Haven, BAN 4%, 7/12/2000 4,000,000 4,015,642
City of Plymouth, BAN 3.75%, 10/26/1999 2,820,000 2,820,765
City of Shelton, BAN 3.25%, 12/1/1999 2,335,000 2,336,409
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TOTAL INVESTMENTS (cost $167,888,346) 96.2% 167,888,346
CASH AND RECEIVABLES (NET) 3.8% 6,711,662
NET ASSETS 100.0% 174,600,008
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The Fund
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STATEMENT OF INVESTMENTS (CONTINUED)
Summary of Abbreviations
AMBAC American Municipal Bond IDR Industrial Development Revenue
Assurance Corporation LOC Letter of Credit
BAN Bond Anticipation Notes MBIA Municipal Bond Investors
BPA Bond Purchase Agreement Assurance Insurance
CP Commercial Paper Corporation
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
GO General Obligation RRR Resources Recovery Revenue
HR Hospital Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
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Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1, A2 85.7
AAA/AA (b) Aaa/AA (b) AAA/AA (b) 6.1
Not Rated (c) Not Rated (c) Not Rated (c) 8.2
100.0
(A) SECURITIES PAYABLE ON DEMAND. THE INTEREST RATE, WHICH IS SUBJECT TO CHANGE,
IS BASED UPON BANK PRIME RATES OR AN INDEX OF MARKET INTEREST RATES.
(B) NOTES WHICH ARE NOT F, MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS OF
THE ISSUERS.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S,
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1999
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 167,888,346 167,888,346
Cash 844,081
Receivable for investment securities sold 4,902,494
Interest receivable 1,056,177
174,691,098
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 52,491
Accrued expenses 38,599
91,090
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NET ASSETS ($) 174,600,008
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 174,637,819
Accumulated net realized gain (loss) on investments (37,811)
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NET ASSETS ($) 174,600,008
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SHARES OUTSTANDING
(1 billion shares of $.001 par value Common Stock authorized) 174,637,819
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Year Ended September 30, 1999
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INVESTMENT INCOME ($):
INTEREST INCOME 5,681,628
EXPENSES:
Management fee--Note 2(a) 934,875
Shareholder servicing costs--Note 2(b) 215,120
Legal fees 174,432
Custodian fees 18,658
Auditing fees 18,235
Registration fees 14,270
Prospectus and shareholders' reports 12,699
Directors' fees and expenses--Note 2(c) 8,852
Miscellaneous 6,802
TOTAL EXPENSES 1,403,943
Less--reduction in management fee due to
undertaking--Note 2(a) (221,440)
NET EXPENSES 1,182,503
INVESTMENT INCOME--NET 4,499,125
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NET REALIZED GAIN (LOSS) ON INVESTMENTS ($) (3,380)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 4,495,745
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Year Ended September 30,
---------------------------------
1999 1998
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OPERATIONS ($):
Investment income--net 4,499,125 5,453,513
Net realized gain (loss) from investments (3,380) (573)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 4,495,745 5,452,940
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DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (4,499,125) (5,453,513)
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CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 257,745,468 316,997,029
Dividends reinvested 4,336,552 5,209,218
Cost of shares redeemed (270,556,983) (321,057,785)
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL STOCK TRANSACTIONS (8,474,963) 1,148,462
TOTAL INCREASE (DECREASE) IN NET ASSETS (8,478,343) 1,147,889
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NET ASSETS ($):
Beginning of period 183,078,351 181,930,462
END OF PERIOD 174,600,008 183,078,351
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
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FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
Year Ended September 30,
----------------------------------------------
1999 1998 1997 1996 1995
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PER SHARE DATA ($):
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .024 .029 .029 .029 .033
Distributions:
Dividends from investment income--net (.024) (.029) (.029) (.029) (.033)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 2.44 2.89 2.93 2.94 3.35
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .63 .65 .65 .63 .45
Ratio of net investment income
to average net assets 2.41 2.85 2.89 2.90 3.31
Decrease reflected in above expense ratios
due to undertakings by the Manager .12 .20 .04 .03 .18
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Net Assets, end of period ($ x 1,000) 174,600 183,078 181,930 190,027 232,932
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies
Dreyfus Connecticut Municipal Money Market Fund, Inc. (the "fund") is registered
under the Investment Company Act of 1940, as amended (the "Act"), as a
non-diversified open-end management investment company. The fund's investment
objective is to provide investors with as high a level of current income exempt
from Federal and Connecticut state income taxes as is consistent with the
preservation of capital and the maintenance of liquidity. The Dreyfus
Corporation ("Manager") serves as the fund's investment adviser. The Manager is
a direct subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services, Inc. is
the distributor of the fund's shares, which are sold to the public without a
sales charge.
It is the fund's policy to maintain a continuous net asset value per share of
$1.00; the fund has adopted certain investment, portfolio valuation and dividend
and distribution policies to enable it to do so. There is no assurance, however,
that the fund will be able to maintain a stable net asset value per share of
$1.00.
The fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(A) PORTFOLIO VALUATION: Investments in securities are valued at amortized cost,
which has been determined by the fund's Board of Directors to represent the fair
value of the fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Interest income, adjusted for amortization of
premiums and original issue discounts on investments, is earned from settlement
date and recognized on the accrual basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Cost of investments
represents amortized cost. Under the terms of the custody agreement, the fund
received net earnings credits of $16,900 during the period ended September 30,
1999 based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the fund to declare dividends
daily from investment income-net. Such dividends are paid monthly. Dividends
from net realized capital gain, if any, are normally declared and paid annually,
but the fund may make distributions on a more frequent basis to comply with the
distribution requirements of the Internal Revenue Code of 1986, as amended (the
" Code" ). To the extent that net realized capital gain can be offset by capital
loss carryovers, it is the policy of the fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the fund to continue to qualify as
a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Code, and to make distributions
of income and net realized capital gain sufficient to relieve it from
substantially all Federal income and excise taxes.
The fund has an unused capital loss carryover of approximately $35,000 available
for Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to September 30, 1999. This amount is
calculated based on Federal income tax regulations which may differ from
financial reporting in accordance with generally accepted accounting principles.
If not applied, $34,000 of the carryover expires in fiscal 2004 and $1,000
expires in fiscal 2007.
At September 30, 1999, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
NOTE 2--Management Fee and Other Transactions With Affiliates:
(A) Pursuant to a management agreement with the Manager, the management fee is
computed at the annual rate of .50 of 1% of the valu
of the fund's average daily net assets and is payable monthly. The Manager had
undertaken from October 1, 1998, to September 30, 1999 to reduce the management
fee paid by the fund, to the extent that the fund's aggregate annual expenses,
exclusive of taxes, brokerage, interest on borrowings and extraordinary
expenses, exceeded an annual rate of .65 of 1% of the value of the fund's
average daily net assets. The reduction in management fee, pursuant to the
undertaking, amounted to $221,440 during the period ended September 30, 1999.
(B) Under the Shareholder Services Plan, the fund reimburses Dreyfus Service
Corporation, a wholly-owned subsidiary of the Manager, an amount not to exceed
an annual rate of .25 of 1% of the value of the fund's average daily net assets
for certain allocated expenses of providing personal services and/or maintaining
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the fund and providing reports and other information, and services
related to the maintenance of shareholder accounts. During the period ended
September 30, 1999, the fund was charged $138,073 pursuant to the Shareholder
Services Plan.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the fund. During the period
ended September 30, 1999, the fund was charged $53,297 pursuant to the transfer
agency agreement.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the fund an annual fee of $1,000. The Chairman of the Board
receives an additional 25% of such compensation.
The Fund
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Directors
Dreyfus Connecticut Municipal Money Market Fund, Inc.
We have audited the accompanying statement of assets and liabilities of Dreyfus
Connecticut Municipal Money Market Fund, Inc., including the statement of
investments, as of September 30, 1999, and the related statement of operations
for the year then ended, the statement of changes in net assets for each of the
two years in the period then ended, and financial highlights for each of the
years indicated therein. These financial statements and financial highlights are
the responsibility of the fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of September 30, 1999 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Dreyfus Connecticut Municipal Money Market Fund, Inc. at September 30, 1999, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and the financial highlights
for each of the indicated years, in conformity with generally accepted
accounting principles.
New York, New York
November 1, 1999
IMPORTANT TAX INFORMATION (Unaudited)
In accordance with Federal tax law, the fund hereby designates all the dividends
paid from investment income-net during the fiscal year ended September 30, 1999
as "exempt-interest dividends" (not subject to regular Federal and, for
individuals who are Connecticut residents, Connecticut personal income taxes).
The Fund
For More Information
Dreyfus Connecticut Municipal
Money Market Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE Call 1-800-645-6561
BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request to [email protected]
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 101AR999
